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VCGuy

Believe me, itā€™s not...Ā ā€¢Ā 9m

A few days ago, Flipkart introduced its new UPI service, Supermoney. ā®ļøThe interesting part: Let's go back a few years - Dec, 2015: 3 former Flipkart exec's start PhonePe. Apr, 2016: Flipkart acquires PhonePe for $20 M. Aug, 2018: Walmart acquires a 77% stake in Flipkart for $16 B, at a valuation of ~$20 B Dec, 2020: Walmart leads a $700 M direct investment in PhonePe and flipkart announces the spin-off of PhonePe Dec, 2022: Flipkart completes the transfer of its full stake in PhonePe to parent Walmart Returning to the present: Flipkart launches Supermoney UPI. UPI transactions clocked a record last month processing 14.04 B transactions worth ā‚¹20.45 trillion. šŸ’øFlipkart's UPI strategy seems to mirror the initial approach of Google Pay, focusing on offering real cashback rewards. The market share of UPI apps is currently at -> - PhonePe, 48.9% - GooglePay, 37.7% - Paytm, 8.3% - Cred, Amazon Pay, and others at 5.1% šŸ’”It will be interesting to see how things unfold, especially with NPCI's 30% market share cap deadline approaching in December 2024. šŸ§ I couldn't find good examples of companies with the same parent targeting exactly the same market. Let me know if you know of any!

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